Stock Market Today: Sensex, Nifty Rise The Most In Two Weeks As RIL, HUL, ICICI Bank Lead
Sensex closed up 629 points or 1.02% at 62,501.69 while Nifty was higher 178 points or 0.97% at 18,499.35.
KEY HIGHLIGHTS
Rupee Strengthened Against The U.S. Dollar
Sensex, Nifty Gain For The Second Consecutive Day
Sun Pharmaceutical Industries Q4 (YoY, Consolidated)
Sensex, Nifty Rise Nearly 1% As RIL, HUL, ICICI Bank Lead
Zee Shares Jump The Most In 10 Weeks As NCLAT Sets Aside Order For Reconsideration Of Merger With Sony
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.01% on Friday.
Source: Bloomberg
Rupee Strengthened Against The U.S. Dollar
The local currency appreciated by 17 paise to close at 82.57 against the greenback on Friday.
The local currency closed at 82.74 on Thursday.
Source: Bloomberg
Sensex, Nifty Gain For The Second Consecutive Day
Indian equity benchmarks saw positive day of gains as they rose nearly 1%, the most in over two weeks. While media, FMCG and I.T. sectors led the gains, utilities, power and oil and gas declined. The headline indices advanced for the second consecutive session and ended higher on a weekly basis.
Most Asian markets advanced on Friday from the progress in debt-ceiling talks and after artificial intelligence stocks drove a rally in U.S. on Thursday.
Shares rose in Japan and South Korea. Stocks were little changed in Australia while shares in mainland China recovered. Hong Kong’s market was closed for a public holiday.
Chip stocks in the Asian region extended gains into the second day as Nvidia Corp.’s bullish sales forecast continued to buoy companies with exposure to AI. Most European markets declined with Stoxx 50 Index little changed by 0.15%.
The S&P BSE Sensex Index closed up 629 points or 1.02% at 62,501.69 while the NSE Nifty 50 Index was higher 178 points or 0.97% at 18,499.35.
Reliance Industries Ltd. was the top contributor to the change in the Nifty 50 index, it added nearly 33.12 points to the index's positive change.
Additionally, Hindustan Unilever Ltd., Sun Pharmaceutical Industries Ltd., HCL Technologies Ltd., and ICICI Bank Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., HDFC Ltd., Bharti Airtel Ltd., ITC Ltd., and ONGC Ltd. were negatively contributing to the change
The broader markets indices ended higher; the S&P BSE MidCap Index was up 0.82%, whereas S&P BSE SmallCap Index was higher by 0.49%.
Sixteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Utilities, S&P BSE Oil and Gas, an S&P BSE Power declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,964 stocks rose 1,528 declined, and 138 remained unchanged on the BSE.
The headline indices advanced this week. Sensex logged weekly gains of 1.25%, whereas Nifty advanced 1.63%.
Last week, the Nifty snapped three weeks of gains, whereas Sensex broke two weeks of winning run to end lower. The S&P BSE Sensex Index was down 0.48%, and the NSE Nifty 50 Index was lower by 0.61%.
All sectors advanced in trade this week with Nifty Metal, Nifty Pharma and Nifty Media gaining the most.
Sun Pharmaceutical Industries Q4 (YoY, Consolidated)
Revenue up 16% at Rs 10,931 crore Vs Rs 9,447 crore (BBG estimate : Rs 10,968 crore)
Net profit of Rs 1,984 crore Vs net loss of Rs 2,277 crore (BBG estimate : Rs 1,978 crore Profit)
EBITDA up 30% to Rs 2,829 crore from Rs 2,178 crore (BBG estimate : Rs 2,993 crore Profit)
Margins at 25.9% Vs 23.1% (BBG estimate : 27.3%)
Source: Exchange filing
Sensex, Nifty Rise Nearly 1% As RIL, HUL, ICICI Bank Lead
Zee Shares Jump The Most In 10 Weeks As NCLAT Sets Aside Order For Reconsideration Of Merger With Sony
Shares of Zee Entertainment Enterprises Ltd. jumped the most in 10 weeks after NCLAT set aside NCLT's order directing exchanges to reconsider the Zee-Sony merger approval, as flagged by SEBI.
The National Company Law Appellate Tribunal on Friday set aside the May 11 order of the company law tribunal, which had asked the stock exchanges to reconsider their approval of the Zee-Sony merger.
To recap, the National Company Law Tribunal's decision emanated from an adverse order by the Securities and Exchange Board of India, against an Essel Group entity: Shirpur Gold Refinery Ltd. On April 25, SEBI had passed an order saying Shirpur diverted its assets worth over Rs 400 crore between 2019 and 2021, for the benefit of its connected entities.
Shirpur is a listed company, promoted by Jayneer Infrapower and Multiventures Pvt., a company owned by the family members of Subash Chandra, the promoter of Essel Group companies. The list of shareholders of Jayneer includes several members of the Goenka family, including Punit Goenka, chief executive officer of Zee Entertainment Enterprises Ltd.
Shares of Zee Entertainment Enterprises Ltd. rose 5.65% to Rs 188.95 apiece, as of 2:35 p.m., in trade on Friday compared to 0.95% advance in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 7.86% intraday, the most in 10 weeks since March 16, 2023. Total traded volume stood at 4.4 times its 30-day average. The relative strength index was at 47.8.
Out of the 25 analysts tracking the company, 23 maintain a 'buy' rating, one recommend a 'hold' and one suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 33.9%.
Source: Bloomberg, Exchange filing
Mahindra & Mahindra Q4 FY23 Highlights (YoY)
Revenue rose 31% to Rs 22,571.4 crore Vs Rs 17,237.8 crore [BBG Estimate: Rs 21,897.5 crore]
Net Profit rose 22% to Rs 1,549 crore vs Rs 1269 crore [BBG Estimate: Rs 1,663 crore]
EBITDA rose 44% to Rs 2,797 crore Vs Rs 1,936 crore [BBG Estimate: Rs 2,750 crore]
EBITDA margin stood at 12.4% Vs 11.2% [BBG Estimate: 12.8%]
Source: Exchange filing
Info Edge (India) Q4 FY23 (Consolidated, YoY)
Revenue up 106% at Rs 97.42 crore vs Rs 47.29 crore
EBIT up 3% at Rs 165.3 crore vs Rs 107.9 crore
EBIT margin at 169.7% vs 228.2%
Net loss of Rs 503.2 crore vs net profit of Rs 719.6 crore
The board has recommended a final dividend of Rs 9 per share for FY23.
Source: Exchange filing
European Markets Open Mixed
Sensex, Nifty Drift Higher As I.T., Media Stocks Rise; Reliance Industries Lead: Midday Market Update
Indian equity benchmarks opened higher and held on to steady gains past midday on Friday. I.T., media and metal sectors gained in trade, whereas Reliance Industries contributed to the highest amount change to the indices.
Asian markets took a degree of support on Friday from progress in debt-ceiling talks while U.S. equity futures fell slightly after artificial intelligence stocks drove a rally in nation’s tech-stocks in the prior session.
Shares rose in Japan and South Korea. Stocks were little changed in Australia while shares in mainland China fell slightly. Hong Kong’s market was closed for a public holiday.
Chip stocks in the Asian region extended gains into the second day as Nvidia Corp.’s bullish sales forecast continued to buoy companies with exposure to AI. The AI frenzy saw the Nasdaq 100 rise 2.5% on Thursday. The S&P 500 and Nasdaq 100 futures fell 0.2%.
As of 01:21 p.m., the S&P BSE Sensex Index was up 394 points or 0.64% at 62,267.02 while the NSE Nifty 50 Index was higher 113 points or 0.61% at 18,433.75.
Reliance Industries Ltd., Infosys Ltd., HCL Technologies Ltd., Hindustan Unilever Ltd., and ICICI Bank Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., HDFC Ltd., Bharti Airtel Ltd., Grasim Industries Ltd., and ONGC Ltd. were negatively contributing to the change
The broader markets indices were trading higher; the S&P BSE MidCap Index was up 0.49%, whereas S&P BSE SmallCap Index was higher by 0.47%.
Sixteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Utilities, S&P BSE Oil and Gas, an S&P BSE Power declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,937 stocks rose 1,440 declined, and 143 remained unchanged on the BSE.
Adani Wilmar Forays Into Whole Wheat Category Through Brand Fortune
Adani Wilmar Ltd. said it has entered into the whole wheat category with its brand Fortune.
The company guarantees to provide premium wheat seed varieties such as Sharbati, Poorna 1544, Lokwan, and MP Grade 1.
It aims to consistently increase market share and expand into high-value metro markets such as New Delhi, Mumbai, Pune, Surat and Ahmedabad.
Source: Exchange filing
Aster DM Healthcare Falls The Most In Five Months As Board Considers Sale Of GCC Business
Shares of Aster DM Healthcare Ltd. fell the most in over five months after the company reported a decline in its fourth-quarter profit and announced that the board is mulling the sale of the company's GCC business.
The company said in its exchange filing that its board is in the process of reviewing proposals from potential buyers for the sale of ‘Gulf Co-operation Council' region business. The binding bids are likely to be received by end of June quarter of financial year 2023-2024. Disclosures will be made subject to board's approval.
The company's revenue rose by 20% year-on-year to Rs 3,262 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 2,728 crore, according to its exchange filing.
GCC revenue for the said quarter includes Covid testing and vaccination income of six crore rupees, as compared to Rs 217 crore in the same period of the previous fiscal.
The reported net profit was down 25% year-on-year to Rs 171 crore compared with Rs 226 crore, in the same period a year back. As per company's investor presentation, the profit declined owing to the increase in its interest on lease liability. The increase in depreciation on 'Right of Use Asset' also dragged the profit in Q4.
Aster DM Healthcare Q4 FY23 (Consolidated, YoY)
Revenue up 20% at Rs 3,262 crore vs Rs 2,728 crore
Ebitda up 9% at Rs 506 crore vs Rs 463 crore
Ebitda margin at 15.5% vs 16.8%
Net profit down 25% at Rs 171 crore vs Rs 226 crore
Shares of Aster DM Healthcare Ltd. fell 3.90% to Rs 267.3 apiece, as of 12:16 p.m., in trade on Tuesday compared to 0.61% advance in the benchmark, NSE Nifty 50 Index.
The stock declined as much as 5.99% intraday, falling the most in over five months since Dec. 23, 2022. Total traded volume stood at 5.3 times its 30-day average. The relative strength index was at 64.
Out of the nine analysts tracking the company, eight maintain a 'buy' rating and one recommend a 'hold' on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 3%.
Source: Bloomberg, Exchange filing
Mrs Bectors Food Specialities Shares Rise On Strong Yearly Performance
Shares of Mrs Bectors Food Specialities Ltd. rose on Friday after reporting a jump in its revenue for the quarter ended March.
Mrs Bectors Food Specialities has its foot in the biscuit segment through its brand 'Cremica' and in the bakery segment through ‘English Oven’.
The company reported a revenue of Rs 346.1 crore in the fourth quarter of FY23 as compared to Rs 252.3 crore in the same quarter a year ago, making a jump of 37.2% on a year-on-year basis. On the other hand, the revenue in the previous quarter, Q3, was 5.9% lower at Rs 367.9 crore.
Overall, the revenue for FY23 was higher by 37.8% with Rs 1,362.1 crore Vs 988.2 crore for FY22.
Mrs Bectors Food Specialities Q4 FY23 (Consolidated, YoY)
Revenue up 37.16% at Rs 346.08 crore (Bloomberg estimate: Rs 341.1 crore)
Ebitda up 49.48% at Rs 68.70 crore (Bloomberg estimate: Rs 44.7 crore)
Ebitda margin at 19.85% vs 18.22% (Bloomberg estimate: 13.1%)
Net profit up 171.08% at Rs 27.65 crore (Bloomberg estimate: Rs 22.65 crore)
The company will pay a final dividend of Rs 1.75 per share.
Shares of Mrs Bectors Food Specialities Ltd., as of 11.00 a.m., advanced 2.53% to Rs 659.55 apiece in trade on Friday, compared to the rise in the benchmark, NSE Nifty 50 Index by 0.42%.
The stock advanced as much as 3.19% intraday, rising the most since May 18, 2023.
Out of the 9 analysts tracking the company, 8 maintain a 'buy' rating and the remaining one recommends a 'hold', as per the Bloomberg data.
The return potential as calculated by the consensus of analyst estimates, stand at an downside of 12.6% over the next 12 months.
Page Industries Shares Hit 19-Month Low As Q4 Profit, Revenue Miss Estimates
Shares of Page Industries Ltd. hit the lowest in over 19 months after the company missed its revenue and profit estimates for the quarter ended March 31, 2023. The stock declined 15% intraday to Rs 34,952.65 apiece, lowest level since Oct. 8, 2021.
The company's revenue declined by 12.78% year-on-year to Rs 969.09 crore in the fourth quarter. This compares with the revenue of the same period in the previous fiscal, which stands at Rs 1,111.11 crore, according to its exchange filing. It missed the consensus analyst estimates pooled by Bloomberg, which stood at Rs 1,163.04 crore.
The reported net profit was down 58.88% year-on-year to Rs 78.35 crore compared with Rs 190.52 crore, in the same period a year back. The consensus of analyst estimates, pooled by Bloomberg expected profit at Rs 136.35 crore.
The Jockey undergarments manufacturer, Page Industries Ltd. said in its press release that its revenue and profit has increase in FY23 despite " despite a challenging economic climate and a general decrease in consumption".
FY23 revenue stood at Rs 4,788.6 crore compared to Rs 3,886.5 crore in FY22, a growth of 23.2%. Also the PAT in FY23 rose by 6.5% to Rs 571.2 crore as compared to Rs 536.5 crore.
Page Industries Q4 FY23 (Consolidated, YoY)
Revenue down 12.78% at Rs 969.09 crore vs Rs 1,111.11 crore(Bloomberg estimate: Rs 1,163.04 crore)
Ebitda down 49.71% at Rs 134.33 crore vs Rs 267.09 crore (Bloomberg estimate: Rs 206.51 crore)
Ebitda margin at 13.86% vs 24.04% (Bloomberg estimate: 17.8%)
Net profit down 58.88% at Rs 78.35 crore vs Rs 190.52 crore(Bloomberg estimate: Rs 136.35 crore)
The board approved fourth interim dividend of Rs 60 per share.
Shares of Page Industries Ltd. fell 10.26% to Rs 4,220.75 apiece, as of 11:11 a.m., in trade on Tuesday compared to 0.46% advance in the benchmark, NSE Nifty 50 Index.
The stock declined as much as 15% intraday, falling the most in 38 months since March 13, 2020. Total traded volume stood at 30.3 times its 30-day average. The relative strength index was at 26.5, implying that the stock maybe oversold.
Out of the 25 analysts tracking the company, eight maintain a 'buy' rating, nine recommend a 'hold' and eight suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 4.7%.
Triveni Engineering Shares Rise Most In Nearly Two Months After Q4 Profit
Shares of Triveni Engineering & Industries Limited rose on Friday morning after results for the fourth quarter were announced in an exchange filing on May 25 post market hours.
Net profit for the company rose 86.34% at Rs 189.58 crore, while revenue went up 53.08% at Rs 1,817 crore, beating the Bloomberg estimate of Rs 1,247.45 crore.
Triveni Engineering & Industries Q4 FY23 (Consolidated, YoY)
Revenue up 53.08% at Rs 1817.7 crore (Bloomberg estimate: Rs 1,247.45 crore)
Ebitda up 54.87% at Rs 264.32 crore (Bloomberg estimate: Rs 222.90 crore)
Ebitda margin at 14.54% vs 14.37% (Bloomberg estimate: 17.9%)
Net profit up 86.34% at Rs 189.58 crore
The board approved a dividend of Rs 3.25 per share.
Shares of Triveni Engineering & Industries surged 3.57% to Rs 274.05 apiece, compared to a 0.38% gain in the NSE Nifty 50 as of 10:50 a.m. The stock rose 6.29% intraday, the most in nearly two months since March 29.
The average traded volume so far in the day stood at 6 times its monthly average.
Of the eight analysts tracking the company, six maintain a 'buy' rating, one suggests a 'hold', and one suggests a 'sell', according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 14.5%.
Most Adani group Company Stocks Advance In Trade
MedPlus Health Shares Surge Most In Six Months Post Q4 Results
MedPlus Health Services Ltd.'s shares surged the most in over six months after the company's fourth quarter net profit climbed 127% from the year ago period.
Consolidated net profit in the quarter ended March jumped 127% to Rs 27 crore, while revenue gained 30% to Rs 1,253 crore, as per an exchange filing.
MedPlus Health Services Q4 FY23 (Consolidated, YoY)
Revenue up 30% at Rs 1,253 crore (Bloomberg estimate: Rs 1,242.13 crore)
Operating profit up 56% at Rs 82 crore (Bloomberg estimate: Rs 72.37 crore)
Ebitda margin at 6.5% vs 5.4% (Bloomberg estimate: 5.8%)
Net profit up 127% at Rs 27 crore.
The company avail deferred tax benefit of Rs 18.78 crore during the March quarter.
The scrip was trading 13.57% higher at Rs 783.35 per share, while the benchmark Nifty 50 was trading 0.37% higher as of 10:31 a.m.
The stock gained as much as 13.78%- the most since Nov. 14, 2022.
Total traded quantity stood at 54.8 times the 30-day average volume. All the seven analysts tracking the stock maintain a 'buy', as per Bloomberg. The consensus price target implies a potential upside of 6%.
Praj Industries Shares Gain After Joint Venture With Indian Oil
Shares of Praj Industries Ltd. rose on Friday, after the company announced a joint venture with Indian Oil Corporation Ltd.
The joint venture will have a 50:50 equity participation, and an initial capital amount of Rs 50 lakh, according to a May 25 exchange filing.
It will set up biofuel production facilities and marketing of compressed biogas, ethanol, sustainable aviation fuel, and various coproducts and intermediate, the filing said.
The company also released results for the fourth quarter of fiscal 2023, in a filing on Thursday. Net profit went up 52.83% to Rs 88.1 crore, while revenue rose 20.82% to Rs 1,003.9 crore.
Praj Industries Ltd. (Consolidated, Year-on-Year)
Revenues up 20.82% at Rs 1,003.9 crore versus Rs 830.9 crore.
Net profit up 52.83% at Rs 88.1 crore versus Rs 57.7 crore.
Ebitda up 38.85% at Rs 108.3 crore versus Rs 78 crore.
Ebitda margin at 10.78% versus 9.38%.
Shares of Praj Industries rose as much as 8.41% intraday, before paring gains and trading at a 6% high, compared to a 0.3% rise in the NSE Nifty 50 as of 10:14 a.m.
The stock rose the most in nearly two months since March 29, intraday. The average traded volume so far in the day stood at 27 times its monthly average.
All eight analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The 12-month consensus price target implies a potential upside of 30.7%.
India, U.S. 10-year G-Sec Spread Falls To Its Lowest In Nearly 12 Years
The 10-year government yield spread between U.S. and Indian bond declined to 321 bps as of 10:28 a.m., the most in nearly 12 years since Nov. 9, 2011.
Source: Bloomberg
Top Movers On The Nifty 50 Index
Reliance Industries Ltd., Infosys Ltd., Hindustan Unilever Ltd., and State Bank of India were positively adding to the change in the Nifty 50 Index.
Whereas, ONGC Ltd., HDFC Ltd., HDFC Bank Ltd., ICICI Bank Ltd., and Axis Bank Ltd. were negatively contributing to the change.
Broader Markets Open Higher
The broader markets indices opened higher; the S&P BSE MidCap Index was up 0.12%, whereas S&P BSE SmallCap Index was higher by 0.28%.
Sixteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Financial Services, S&P BSE Bankex, an S&P BSE Realty declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,587 stocks rose 764 declined, and 90 remained unchanged on the BSE.
Source: BSE
Sensex, Nifty Open Higher: Opening Bell
Indian equity benchmarks opened higher on Friday after snapping two days of losses on Thursday.
Asian shares took a degree of support on Friday from progress in debt-ceiling talks while U.S. equity futures fell slightly after artificial intelligence stocks drove a rally in tech-stocks in the prior session. Shares rose in Japan and South Korea. Stocks were little changed in Australia while shares in mainland China fell slightly. Hong Kong’s market was closed for a public holiday.
Chip stocks in the Asian region extended their gains into a second day as Nvidia Corp.’s bullish sales forecast continued to buoy companies with exposure to AI. The AI frenzy saw the Nasdaq 100 rise 2.5% Thursday.
In the U.S., shares of Nvidia soared 24% after the company’s forecast related to AI surprised even the most optimistic analysts on Wall Street, propelling the company to the cusp of a $1 trillion market value. Fitch Ratings warned that the US’s AAA rating is under threat, though it still expects politicians will reach an agreement before time runs out.
According to Jefferies' GREED & fear note by Christopher Woods, they continue to take the view that it will only be a matter of time before the Sensex reaches the 100,000 level. Still like all long-term bull markets, the stock market will continue to climb the proverbial wall of worry. The Nifty Private Bank Index has outperformed the MSCI ACWI Banks Index by 1.364% since the index began on April 1, 2005. GREED and Fear also turns bullish on Zomato. An investment in Zomato will be introduced with a 4% weighting, while the investment in HDFC Life Insurance will be removed.
At pre-open, the S&P BSE Sensex Index was up 113 points or 0.18% at 61,985.36 while the NSE Nifty 50 Index was higher 47 points or 0.26% at 18,368.35.
Sensex, Nifty Rise In Pre-Open
At pre-open, the S&P BSE Sensex Index was up 113 points or 0.18% at 61,985.36 while the NSE Nifty 50 Index was higher 47 points or 0.26% at 18,368.35.
Source: Bloomberg
Yield On The 10-Year Bond Rises
The yield on the 10-year bond opened flat at 7.02% on Friday. It closed at 7% on Thursday.
Source: Bloomberg
Rupee Opens Flat Against The U.S. Dollar
The local currency opened at 82.73 against the greenback on Friday.
Rupee closed at 82.74 on Thursday.
Source: Bloomberg
Jefferies On India Investments: GREED And Fear
Investments in HDFC Life Insurance will be removed from Asia ex-Japan long-only portfolio.
Investments in long-only portfolio will see addition of SBI Life Insurance and Zomato.
Investments in Bajaj Finance, Godrej Properties and Macrotech Developers will be increased by one percentage point each.
Investment in Zomato will be introduced with a 4% weighting.
Investment in REC Limited will be increased by two percentage points by shaving the investment in Oil & Natural Gas Corp.
Source: Christopher Woods' GREED And Fear Note
Aster DM Board Reviews Proposals For GCC Business Sale
Aster DM received interest and indicative terms from potential buyers for ‘Gulf Co-operation Council' region business.
Investment bankers are working actively with potential buyers, preparatory work and diligence is complete.
Shortlisted bidders to complete a transaction soon.
Binding bids likely to be received by end of Q1 of financial year 2023-2024. Disclosures will be made subject to board's approval.
Alert: GCC business comprises approximately 75% of business revenue.
Source: Exchange filing
Realty, Hospitality Stocks To Shine Further: Trade Setup
Global Cues
U.S. Dollar Index at 104.1
U.S. 10-year bond yield at 3.81%
Brent crude down 0.49% at $75.89 per barrel
Nymex crude down 0.25% at $71.65 per barrel
SGX Nifty down 0.24% at 18,421 as of 8:10 a.m.
Bitcoin down 0.34% at $26,400.52
Insider Trading
Mahindra CIE Automotive: Promoter Mahindra & Mahindra sold 1.21 crore shares on May 24.
Dhampur Gugar Mills: Promoter Deepa Goel sold 10.35 lakh shares and promoter group Saraswati Properties bought 10.35 lakh shares on May 22.
Star Cement: Promoter group Laxmi Chamaria sold 50,441 shares on May 22.
Trading Tweaks
Price Band Revised From 0% to 20%: Whirlpool of India
Ex-Date Bonus: Vardhman Special Steels
Record Date Bonus: Vardhman Special Steels
Ex-Date Income Distribution: Brookfield India Real Estate Trust
Record-Date Income Distribution: Brookfield India Real Estate Trust
Move Into Short-Term ASM Framework: Optiemus Infracom
Move Out Of Short-Term ASM Framework: Refex Industries, MPS
Bulk Deals
Venus Pipes & Tubes: Samsung India Securities Master Investment bought 1.03 lakh shares (0.51%) at Rs 998.49 apiece.
Divgi Torqtransfer Systems: Quant Mutual Fund sold 1.63 lakh shares (0.53%) at Rs 827.8 apiece
Stocks To Watch: Vodafone Idea, ONGC, M&M, Sun Pharma, BHEL, BEML, Indigo Paints, Zee, Vedanta, Emami In Focus
Reliance Industries: Step-down FMCG subsidiary Reliance Consumer Products completed the acquisition of a 51% controlling stake in Lotus Chocolates for an aggregate consideration of Rs 74 crore and subscribed to non-cumulative redeemable preference shares of the company for Rs 25 crore.
Praj Industries: The board approved forming a 50:50 joint venture with Indian Oil Corp. to set up biofuel production facilities and market CBG, ethanol, SAF, and various coproducts and intermediates.
Vedanta: Cairn Oil & Gas announced that its reserves and resource portfolio crossed 1.1 billion barrels of oil equivalent.
Tata Power: Life Insurance Corporation of India has increased its stake in the company to 7.94% from 5.91%.
Bata India: Life Insurance Corporation of India has increased its stake in the company to 6.53% from 4.5%.
Q4 Results Today
Oil and Natural Gas Corporation, Mahindra & Mahindra, Samvardhana Motherson International, Sun Pharmaceutical Industries, Bharat Heavy Electricals, Chambal Fertilisers & Chemicals, BEML, Maharashtra Seamless, Power Mech Projects, City Union Bank, PG Electroplast, Capacite Infraprojects, Gateway Distriparks, TCI Express, Indigo Paints, KDDL, Sunteck Realty, Nucleus Software Exports, Astra Microwave Products, Avalon Technologies, Bharat Bijlee, Bombay Burmah Trading Corp, BF Investment, Chemcon Speciality Chemicals, Dhani Services, Easy Trip Planners, Edelweiss Financial Services, Electronics Mart India, Engineers India, Ester Industries, Finolex Cables, Grasim Industries, Garware Hi-Tech Films, Hinduja Global Solutions, Housing & Urban Development Corporation, Imagicaaworld Entertainment, Inox Green Energy Services, Inox Wind, Ion Exchange (India), Inox Wind Energy, Jain Irrigation Systems, Kama Holdings, KPI Green Energy, Karnataka Bank, Media Matrix Worldwide, MOIL, Info Edge (India), NCC, Nexus Select Trust, Optiemus Infracom, PNC Infratech, Polo Queen Industrial and Fintech, Precision Camshafts, Primo Chemicals, Puravankara, Shree Renuka Sugars, Repco Home Finance, Savita Oil Technologies, Steel Strips Wheels, Styrenix Performance Materials, Supriya Lifescience, TCPL Packaging, Tide Water Oil (India), Uniphos Enterprises, Vidhi Specialty Food Ingredients, Wockhardt
Earnings Fineprint
Vodafone Idea Q4 Results: Key Highlights (QoQ)
Revenue down 1.19% at Rs 10,532 crore (Bloomberg estimate: Rs 10,590 crore)
Ebitda up 0.70% at Rs 4,210 crore (Bloomberg estimate: Rs 4,213 crore)
Ebitda margin at 39.97% vs 39.4% (Bloomberg estimate: 39.6%)
Net loss narrowed to Rs 6,419 crore from net loss of Rs 7,990 crore (Bloomberg estimate: Rs 7,516 crore loss)
ARPU remained flat at Rs 135 quarter-on-quarter. The company incurred exceptional loss of Rs 22.4 crore on account of remeasurement or sale of leasehold land.
Zee Entertainment Enterprises Q4 FY23 (Consolidated, YoY)
Revenue down 9.043% at Rs 2,112.11 crore (Bloomberg estimate: Rs 2,063.96 crore)
Ebitda down 71.12% at Rs 151.73 crore (Bloomberg estimate: Rs 266.66 crore)
Ebitda margin at 7.18% vs 22.63% (Bloomberg estimate: 12.9%)
Net profit loss of Rs 196.03 crore vs Rs 181.93 crore (Bloomberg estimate: Rs 112.93 crore profit)
The company suffered a loss of Rs 123.14 crore from discontinuing operations and exceptional loss of Rs 89.97 crore.
Emami Q4 FY23 (Consolidated, YoY)
Revenue up 8.82% at Rs 835.95 crore (Bloomberg estimate: Rs 816.21 crore)
Ebitda up 22% at Rs 200 crore (Bloomberg estimate: Rs 172.10 crore)
Ebitda margin at 23.9% vs 26.7% (Bloomberg estimate: 21.1%)
Net profit down 60% at Rs 141.62 crore (Bloomberg estimate: Rs 146.44 crore)
Net profit in the year-ago period had benefitted from MAT credit entitlement of Rs 287.79 crore.
MedPlus Health Services Q4 FY23 (Consolidated, YoY)
Revenue up 30% at Rs 1,253 crore (Bloomberg estimate: Rs 1,242.13 crore)
Operating profit up 56% at Rs 82 crore (Bloomberg estimate: Rs 72.37 crore)
Ebitda margin at 6.5% vs 5.4% (Bloomberg estimate: 5.8%)
Net profit up 127% at Rs 27 crore
The company avail deferred tax benefit of Rs 18.78 crore during the March quarter.
Page Industries Q4 FY23 (Consolidated, YoY)
Revenue down 12.78% at Rs 969.09 crore (Bloomberg estimate: Rs 1,163.04 crore)
Ebitda down 49.71% at Rs 134.33 crore (Bloomberg estimate: Rs 206.51 crore)
Ebitda margin at 13.86% vs 24.04% (Bloomberg estimate: 17.8%)
Net profit down 58.88% at Rs 78.35 crore (Bloomberg estimate: Rs 136.35 crore)
The board approved fourth interim dividend of Rs 60 per share.
AIA Engineering Q4 FY23 (Consolidated, YoY)
Revenue up 16.48% at Rs 1,273.56 crore (Bloomberg estimate: Rs 1,265.13 crore)
Ebitda up 39.75% at Rs 315.74 crore (Bloomberg estimate: Rs 296.42 crore)
Ebitda margins at 24.79% vs 20.67% (Bloomberg estimate: 23.4%)
Net profit up 37.95% at Rs 267.66 crore (Bloomberg estimate: Rs 238.74 crore)
The company will pay a dividend of Rs 16 per share.
Steel Authority of India Q4 FY23 (Consolidated, YoY)
Revenue down 5.29% at Rs 29,130.66 crore
Ebitda down 32.59% at Rs 2,924.16 crore
Ebitda margin at 10.04% vs 14.10%
Net profit down 53.24% at Rs 1,159.21 crore
The company saw an exceptional loss of 40.42 crore during the quarter. The board recommended a final dividend of Rs 0.50 per share for fiscal 2023.
Mrs Bectors Food Specialities Q4 FY23 (Consolidated, YoY)
Revenue up 37.16% at Rs 346.08 crore (Bloomberg estimate: Rs 341.1 crore)
Ebitda up 49.48% at Rs 68.70 crore (Bloomberg estimate: Rs 44.7 crore)
Ebitda margin at 19.85% vs 18.22% (Bloomberg estimate: 13.1%)
Net profit up 171.08% at Rs 27.65 crore (Bloomberg estimate: Rs 22.65 crore)
The company will pay a final dividend of Rs 1.75 per share.
GMM Pfaudler Q4 FY23 (Consolidated, YoY)
Revenue up 23.82% at Rs 865.95 crore (Bloomberg estimate: Rs 812.43 crore)
Ebitda up 33.93% at Rs 96.20 crore (Bloomberg estimate: Rs 121.03 crore)
Ebitda margin at 11.11% vs 10.27% (Bloomberg estimate: 14.9%)
Net profit up 139.84% at Rs 38.47 crore (Bloomberg estimate: Rs 43.17 crore)
The company saw a lower deferred tax outgo at Rs 1.04 crore, compared to Rs 23.35 crore in the year-ago period. The board recommended a final dividend of Rs 1 per share for fiscal 2023.
Harsha Engineers International Q4 FY23 (Consolidated, YoY)
Revenue down 6.83% at Rs 343.69 crore (Bloomberg estimate: Rs 336.35 crore)
Ebitda up 5.43% at Rs 50.80 crore (Bloomberg estimate: Rs 481.5 crore)
Ebitda margin at 14.78% vs 13.06% (Bloomberg estimate: 14.3%)
Net profit up 8.66% at Rs 32.62 crore (Bloomberg estimate: Rs 29.05 crore)
The company will pay a final dividend of Rs 1 per share, with record date fixed as Sept. 21.
Triveni Engineering & Industries Q4 FY23 (Consolidated, YoY)
Revenue up 53.08% at Rs 1817.7 crore (Bloomberg estimate: Rs 1,247.45 crore)
Ebitda up 54.87% at Rs 264.32 crore (Bloomberg estimate: Rs 222.90 crore)
Ebitda margin at 14.54% vs 14.37% (Bloomberg estimate: 17.9%)
Net profit up 86.34% at Rs 189.58 crore
The board approved a dividend of Rs 3.25 per share.
Gujarat State Fertilizers & Chemicals Q4 FY23 (Consolidated, YoY)
Revenue up 17.15% at Rs 2,383.87 crore
Ebitda down 22.19% at Rs 326.10 crore
Ebitda margin at 13.68% vs 20.6%
Net profit down 21.26% at Rs 224.91 crore
The company announced a dividend of Rs 10 per share.
SGX Nifty Hints At Lower Open For Benchmarks
Asian shares took a degree of support on Friday from progress in debt-ceiling talks, while U.S. equity futures fell slightly after artificial intelligence stocks drove a rally in tech stocks in the prior session. Stocks were little changed in Australia, while shares in mainland China eased lower. Hong Kong’s market was closed for a public holiday.
Chip stocks in the Asian region extended their gains into a second day as Nvidia Corp.’s bullish sales forecast continued to buoy companies with exposure to AI. The AI frenzy saw the Nasdaq 100 rise 2.5% Thursday.
In the U.S., shares of Nvidia soared 24% after the company’s forecast related to AI surprised even the most optimistic analysts on Wall Street, propelling the company to the cusp of a $1 trillion market value. Fitch Ratings warned that the US’s AAA rating is under threat, though it still expects politicians to reach an agreement before time runs out.
The yield on the 10-year Treasury note in the U.S. was trading at 3.81%. Crude oil price was trading below the $76 mark, while Bitcoin declined to trade around the $26,000 level.
At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.24% at 18,421.
It would only be a matter of time before the Sensex reaches the 100,000 level, Jefferies Christopher Wood said in his Greed & Fear report. Still like all long-term bull markets, the stock market will continue to climb the proverbial wall of worry, he said. The Nifty Private Banks Index has outperformed the MSCI ACWI Banks Index by 1.364% since the index began on April 1, 2005. GREED and Fear also turn bullish on Zomato. An investment in Zomato will be introduced with a 4% weighting, while the investment in HDFC Life Insurance will be removed.
Domestic benchmarks broke their two-day losing streak as realty stocks gained. The Indian rupee snapped its two-day rally against the U.S. dollar and closed lower as the foreign unit grew stronger in global markets.
Foreign investors were net buyers for the fourth straight day and bought equities worth Rs 589.1 crore. On the other hand, domestic institutional investors were buyers for the fifth straight day and bought Rs 338.4 crore worth of equities, the NSE data showed.